Insured Definition

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insured definition

What is insured definition? What is insured body parts definition? The insured is a person who has secured herself in return for a certain premium on a certain subject. In order to be insured, it is sufficient to obtain one of the following types of insurance.

Persons who apply for and register for one of the above insurance policies are referred to as “insured.” It is very important to be insured to insure yourself against all the negativities of life.

Insured Body Parts Meaning

Another issue is the insurance of certain parts of the body. Insured body parts meaning, that any limb is insured by insurance. An insured body part is covered by a separate policy under private health insurance.

Below you can see the important insurance diseases in order to get more detailed information about the meaning of insured body parts:

  • Cancer
  • Heart attack
  • Heart valve surgery
  • Aortic grafting operation
  • Balloon-angioplasty
  • Coronary artery by-pass surgery
  • Basic organ transplant
  • Benign brain tumor
  • Inability of body organs to perform their duties and movements
  • HIV transmitted by blood transfusion
  • Kidney failure
  • Multiple sclerosis
  • Amputation
  • Blindness
  • Hearing loss
  • Stroke
  • Severe burns
  • Paralysis
  • Coma
  • Occupationally transmitted HIV (for doctors and dentists)

Premiums in life risks insurance vary according to the coverage amount you choose, your age and your health history.

Life Insurance and Life Insured Definition

The definition of life insured defines the person who is protected by the insurance company against situations such as loss of life, terminal illness, unemployment, partial or complete disability in return for a certain premium. Life insurance is the type of insurance in which the insurance company pays the insurance amount to the specified persons in the period specified in the policy contract and in the cases specified in the contract, in cases such as loss of life, critical illness, unemployment, complete and permanent disability, or to the insured if they survive longer than the period specified in the contract.

In the event of an unexpected event, life insurance not only ensures you and your loved ones, but also allows you to save.

Life insurance is optional. A person can create a life insurance policy for himself or for his loved ones. Policies that can be created for a short or long term are generally required by the bank for loan borrowings. Since the customer’s life insurance for the duration of the loan debt will also protect the bank’s payments, the bank usually automatically includes loan life insurance in loan packages. In life insurance, as in other insurance policies, the policyholder is insured against a certain premium. In case of loss of life or accident, a security deposit is provided. policies; premium amounts are signed or digitally approved with the approval of the insurance owner after the coverage amount is determined and enters into force.

Policy Definition for the Insured

The insurance policy is a written document that includes the conditions of the contract between the insured and the owner, the exceptions and all the responsibilities of the parties regarding the contract.

The parties to this policy are the “receiver” who insures himself, the “drawer” who arranges the contract, and the “beneficiary” who is the main addressee of the contractual responsibilities, in short, who undertakes both the benefits and losses arising from the contract.

Insured Premium Fee Definition

If we have learned what the policy is, which guarantees the agreement between the parties in writing, we can refer to the pricing of the service, the point that the parties must agree on in order to create this policy.

Premium fee is the amount of payment requested by the insurance company for the service provided by the insurance company in order to enable you to benefit from your rights written in the policy.

The cost of the insurance service you will receive may vary according to criteria such as the company you will insure, your age, insurance type and extra assurances. That’s why you need to do market research before getting insurance service. It is recommended that you make an assessment as to which company wants how much price within which guarantees. Whichever company you will choose to be insured, it will be in your best interest to conclude your research by considering these criteria.

Information Required for Issuing an Insurance Policy

  • Contact information of the insurance company,
  • Contact information of the insured,
  • The subject of the insurance transaction,
  • What guarantees are covered by the insurance policy,
  • The start date of the insurance policy,
  • The expiry date of the insurance policy,
  • Payment terms of premium,
  • The date the policy was issued.

Policy Conditions for the Insured

Insurance policies contain general and special conditions. General conditions are the conditions of the same insurance type that are valid by all insurance companies. The most important conditions are included in the general terms. Examples of these are; guarantee cases, responsibilities, party rights, situations not covered by insurance, determination of the process that occurs in case of accident or damage. Specific conditions vary according to the insurance company and its products.

Insurer Definition

The insurer is the person who undertakes to pay a certain income in case the insured suffers a loss after the insurance made in return for a certain premium. So what are the Obligations of the Insurer?

  • Paying “insurance compensation” to the insured if the contractual provisions are not violated when the events specified in the contract occur,
  • Keeping the customer’s personal information confidential, obtained during the service, is the most important obligation of the insurer.

The insurer is the person who monitors and manages all insurance-related processes. It provides consultancy services to customers on all policy-related processes, and manages all insurance-related transactions such as compensation and premium payment.

As we mentioned in the explanation above, the insurer acts as a bridge between the insurance company and the insured and works with a customer focus. The main duties and responsibilities of the insurer are listed below.

  • Providing customers with accurate information about insurance services and product groups,
  • Making insurance products attractive to customers,
  • Identifying the customer’s insurance-related needs and promoting the appropriate ones
  • Creating files and tracking premium payments,
  • Informing and renewing the customer in term insurance types
  • Working in coordination with the operation unit and ensuring that the customer is compensated in case of a possible damage,
  • Informing customers of possible policy changes
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